Sign in
Saudi-based fintech Simplified Financial Solutions Company (SiFi) raised USD 10 mn in a seed round led by PIF-owned Sanabil Investments, as well as RAED Ventures, according to a press release. ANB Seed Fund, Rua Ventures, Byld and KBW Ventures also invested in the round, while Khwarizmi Ventures, Tech Invest Com., and Seedra Ventures were follow-on investors.
What we don’t know: Who owns how much of SiFi and how the transaction was structured. It’s also unclear how much each investor committed.
Use of proceeds: “This funding will enable us to further enhance our offering, deliver even greater value to our customers, and cement our position as the go-to spend management solution in Saudi Arabia,” said founder and CEO Ahmed Alhakbani.
The pitch: Founded in 2021, SiFi runs a suite of finance management tools that it says make it easier for companies to manage their spending, including smart corporate cards, real-time insights into corporate spending, and automated expense-management workflows. Its affiliate, Alhulul Almobassatah Financial Company, received an electronic money institution license from SAMA, allowing it to provide e-wallet services.
